Any 5 or more persons who are at present members of the Michigan dairymen's association, who may desire to become incorporated for the purposes set forth in section 1, may execute under their hands and acknowledge before some person within this state authorized to take acknowledgment of deeds, 1 or more duplicate articles of agreement, as hereinafter specified, 1 copy whereof shall be filed and recorded in the office of the secretary of state, and upon the execution and acknowledgment of such articles, the signers thereof and those who may thereafter become associated with them, shall become a body politic and corporate for the purposes set forth in said articles.

Third, The object and purposes of such association, which shall be to secure the co-operation of dairymen and to promote the social, moral and business interests of its members, and the period for which it is incorporated, not exceeding 30 years;

Fourth, The number of directors and regular officers and the time of holding its annual meeting: Provided, however, That such association may, in its articles of association, or by-laws, provide for and appoint other meetings thereof, than the annual meeting, to be held when and where the association may from time to time designate and appoint;

The affairs of said corporation shall be managed by the executive committee and officers of said association, to be chosen for such period and in such manner as the by-laws of such association shall provide, and who shall hold their offices until their successors are chosen and qualified. The officers shall be chosen in conformity to the by-laws of such association, adopted and changed by the members as the articles or by-laws may prescribe, not inconsistent with said articles of association. All officers and members, except honorary members of such association, shall be residents of the state of Michigan.

Said corporation may sue or be sued, take by gift, purchase or devise, property, exclusive of that actually used and necessary for the transaction of its business, to an amount not to exceed 10,000 dollars, and it shall be lawful to invest the same upon mortgage, or in or by loan on bonds, of any city, county, state, or in government securities, or deposited at some bank, or with any broker in this state, upon such bank or broker giving sufficient security for the repayment thereof: Provided, That any such proposition may in its articles of agreement specify the kind of securities in which its funds shall be invested, and that no part of its funds shall be invested in any securities other than those named in its articles, or when the securities shall not be specified in the articles of agreement, then such funds shall only be invested in such securities as shall be specified in this act: And provided further, That said articles of association shall specify the use to which said moneys and income thereof shall be appropriated, and the same shall be applied exclusively to such purpose and to no other.